The global manufacturing PMI remained below 50% in August for five consecutive months. The global economy continued to run weak, with geopolitical conflicts, high interest rates, and policy constraints limiting the global economic recovery. China’s economic situation is generally stable, but supply and demand on both sides showed weak performance; the growth momentum is slightly insufficient. From January to August, China’s industrial added value of the technical textiles industry maintained growth; industry production and exports continued to improve.

According to data from the National Bureau of Statistics, the output of nonwoven enterprises above designated size increased by 9.7% year-on-year in the first eight months. And the output of cord fabric (in tyres) saw year-on-year growth of 9.9%, with a slight decrease.

While the operating income and total profits of technical textile enterprises above the designated size surged by 6.8% and 18.1% year-on-year, respectively. Their profit margin reached 3.8%, up by 0.4 percentage points year-on-year.

Figure: Key Economic Indicators of China’s Technical Textile Industry in Jan.-Aug., 2024

Source: National Bureau of Statistics, China Nonwovens & Industrial Textile Association (CNITA)

Table 1: Growth Rate of Major Economic Indicators of China’s Technical Textile Industry in Jan.-Aug., 2024 (Above Designated Size)

Source: National Bureau of Statistics

In terms of international trade, according to China Customs data, the exports of China’s technical textiles industry in January-August amounted to US$27.32 billion, seeing an increase of 4.3% year-on-year; while imports amounted to US$3.33 billion, down by 4.6% year-on-year.

Table 2: The Exports of Main Products in China’s Technical Textile Industry in Jan.-Aug., 2024

Source: China Customs, China Nonwovens & Industrial Textile Association (CNITA)

Source: CHINA TEXTILE LEADER Express